Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 25th, 2021

Ethereum

Ethereum rose by 3.01% on Wednesday. Partially reversing Tuesday’s 11.27% slide, Ethereum ended the day at $1,625.3.

A mixed start to the day saw Ethereum slide to an early morning intraday low $1,500.28 before finding support.

Steering clear of the first major support level at $1,362, Ethereum rallied to late morning intraday high $1,714.00.

While falling short of the first major resistance level at $1,789, Ethereum broke back through the 23.6% FIB of $1,579.

Through the 2^nd half of the day, Ethereum briefly fell back through the 23.6% FIB before wrapping up the day at $1,600 levels.

At the time of writing, Ethereum was down by 0.05% to $1,624.49. A mixed start to the day saw Ethereum rise to an early morning high $1,634.99 before falling to a low $1,621.00

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,613 to support a run at the first major resistance level at $1,726.

Support from the broader market would be needed, however, for Ethereum to break out Tuesday’s high $1,714.00.

Barring an extended crypto rally, the first major resistance level and resistance at $1,750 would likely cap any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $1,827 before any pullback.

Failure to avoid a fall through the $1,613 pivot would bring the 23.6% FIB of $1,579 and the first major support level at $1,512 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,500 levels. The second major support level sits at $1,400.

Looking at the Technical Indicators

First Major Support Level: $1,512

Pivot Level: $1,613

First Major Resistance Level: $1,726

23.6% FIB Retracement Level: $1,528

38.2% FIB Retracement Level: $1,251

62% FIB Retracement Level: $804

Litecoin

Litecoin rose by 2.37% on Wednesday. Partially reversing a 14.71% stumble from Tuesday, Litecoin ended the day at $181.70.

Story continues

It was a bearish start to the day. Litecoin slid to an early morning intraday low $168.89 before making a move.

In spite of the sell-off, Litecoin steered clear of the 38.2% FIB of $163 and the first major support level at $154.55.

Finding support through the morning, Litecoin rose to a mid-day intraday high $189.69.

Falling well short of the 23.6% FIB of $195 and the first major resistance level at $204.79, Litecoin slid back to $172 levels.

A late move back through to $181 levels delivered the upside on the day, however.

At the time of writing, Litecoin was up by 0.02% to $181.74. A mixed start to the day saw Litecoin fall to an early morning low $181.05 before rising to a high $182.17.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to avoid a fall through the $180.09 pivot level to support a run at the first major resistance level at $191.30 and the 23.6% FIB of $195.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $189.69.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $200.89.

Failure to avoid a fall through the $180.09 pivot level would bring the first major support level at $170.50 into play.

Barring another extended sell-off, Litecoin should steer clear of the 38.2% FIB of $163 and the second major support level at $159.29.

Looking at the Technical Indicators

First Major Support Level: $170.50

Pivot Level: $180.09

First Major Resistance Level: $191.30

23.6% FIB Retracement Level: $191

38.2% FIB Retracement Level: $159

62% FIB Retracement Level: $108

Ripple’s XRP

Ripple’s XRP fell by 0.38% on Wednesday. Following on from a 15.90% slump from Tuesday, Ripple’s XRP ended the day at $0.46923.

A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.45782 before making a move.

While steering clear of the first major support level at $0.3720, Ripple’s XRP fell through the 38.2% FIB of $0.4632.

Finding support through the morning, Ripple’s XRP broke back through the 38.2% FIB to strike an intraday high $0.50044.

Falling well short of the 23.6% FIB of $0.5320 and the first major resistance level at $0.5759, Ripple’s XRP fell back to $0.45 levels.

The pullback saw Ripple’s XRP briefly fall back through the 38.2% FIB before ending the day at $0.469 levels.

At the time of writing, Ripple’s XRP was down by 0.23% to $0.46813. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.47014 before falling to a low $0.46778.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move through the $0.4737 pivot level to bring the first major resistance level at $0.4960 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.49 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.050044 should cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.5228. The 23.6% FIB of $0.5320 would likely cap any upside, however.

Failure to move through the $0.4737 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.4469 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer well clear of the second major support level at $0.4245.

Looking at the Technical Indicators

First Major Support Level: $0.4469

Pivot Level: $0.4737

First Major resistance Level: $0.4960

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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